City of Charleston
JOSEPH P. RILEY, JR.
MAYOR South Carolina BARBARA W. VAUGHN
For Immediate Release: September 17th 2007
CLOSURE OF IMAX THEATER
The IMAX Theater in Charleston will close its doors today, Monday, September 17th.
Rivers Enterprises, the owner of the IMAX Theater in Charleston, after much thoughtful
consideration, reached the conclusion that the most prudent business decision was to close the
IMAX is a technology company specializing in larger than life films based on its 70mm
film format. Several IMAX theaters across the country are experiencing problems and have
closed. Nationally, the parent company, Imax Corporation, recently reported second quarter
results. A revenue decline of 28% helped swing the company to a $4.57 million loss. Second-
quarter profits from continuing operations replaced a $0.04 per share profit a year earlier with a
deficit of $0.11 per share. The closure of the IMAX Theater in Charleston is a business decision
based on the financial challenges experienced by IMAX globally.
The Aquarium Wharf area is a vibrant and exciting part of downtown Charleston.
Aquarium Wharf is home to compelling and educational attractions such as the South Carolina
Aquarium and is also a base for enchanting water based expeditions on the Schooner Pride, Fort
Sumter Tours, the Charleston Water Taxi, Sandlapper Water Tours, Spiritline Cruises and
Charleston Harbour Tours. Aquarium Wharf has restaurants offering family friendly and
savory dining options as well. For more information, please visit www.aquariumwharf.com.
While the IMAX will certainly be missed, Rivers Enterprises and the City of Charleston
are working together closely to find a new occupant that will complement the Aquarium Wharf.
There are abundant opportunities for this unique location, and Rivers Enterprises and the City
are enthusiastic about working on a fresh strategy for the former IMAX space.
FOR MORE INFO: Barbara W. Vaughn, Director
Media Relations/Public Information
Phone: (843) 724-3746 Fax: (843) 724-3734
50 BROAD STREET • CHARLESTON, S.C. 29401 • TELEPHONE (843) 724-3746• FAX (843) 724-3734